Termination of personal insolvency agreement by trustee
68 Termination of personal insolvency agreement by trustee
If a personal insolvency agreement is terminated in accordance with section 222A of the Act, the trustee of the agreement must:
give written notice of the termination to the Official Receiver; and
do so within 2 business days after the termination takes effect.
Before the termination takes effect, the trustee must give notice of the proposed termination to all the creditors who are entitled to receive notice of a meeting of creditors (see subsection 222A(2) of the Act).
Official Trustee not required to give copies
However, subsection (1) does not apply if the trustee of the agreement is the Official Trustee.
Offence
A person commits an offence if:
the person is required to give notice in accordance with subsection (1); and
the person fails to comply with the requirement.
Penalty: 1 penalty unit.
An offence against subsection (3) is an offence of strict liability.
This Act’s bill:Explanatory statement
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